{"id":2437,"date":"2012-11-26T11:05:21","date_gmt":"2012-11-26T03:05:21","guid":{"rendered":"http:\/\/blog.imoney.my\/?p=2437"},"modified":"2015-03-31T15:18:08","modified_gmt":"2015-03-31T07:18:08","slug":"savings-account-in-malaysia-the-basics","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/savings-account-in-malaysia-the-basics","title":{"rendered":"Savings Account in Malaysia \u2013 the Basics"},"content":{"rendered":"<div id=\"attachment_3939\" style=\"width: 410px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3939\" class=\" wp-image-3939\" alt=\"shutterstock_31443457\" src=\"\/articles\/wp-content\/uploads\/2012\/11\/shutterstock_31443457.jpg\" width=\"400\" height=\"266\" srcset=\"\/articles\/wp-content\/uploads\/2012\/11\/shutterstock_31443457.jpg 400w, \/articles\/wp-content\/uploads\/2012\/11\/shutterstock_31443457-300x199.jpg 300w, \/articles\/wp-content\/uploads\/2012\/11\/shutterstock_31443457-75x50.jpg 75w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-3939\" class=\"wp-caption-text\">It&#8217;s worth to know how does the savings account work in Malaysia<\/p><\/div>\n<p>Planning to cut down on your expenditure and want to find a place to keep your stash of cash? Opening a savings account may be the answer. Many of us are familiar with savings accounts but still don\u2019t know much about the nature and features of such accounts. Below, we provide an overview of savings accounts in Malaysia:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-is-a-Savings-Account\"><\/span>What is a Savings Account?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Savings accounts are simply a type of bank account that enables you to keep your money in a safe place while earning a small amount of interest each month. Almost every single bank in Malaysia offers such a facility.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages-of-Having-a-Savings-Account\"><\/span>Advantages of Having a Savings Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It is important to know the advantages of having a savings account. Here\u2019s a list of benefits:<\/p>\n<ul>\n<li><strong>Good Money Management<\/strong>. With a savings account, you can manage your money wisely. Unlike cash, you can easily keep track of all your transactions and interests accumulated from your savings account through your monthly account statement.<\/li>\n<li><strong>Great During Emergencies<\/strong>. In times of emergencies (e.g. sudden medical expenses), you can use the money you have in your savings account to help fund any shortfall in cash.<\/li>\n<li><strong>Day-to-Day Convenience<\/strong>. As long as you have a savings account, anyone is able to pay you by depositing money directly into your account. Your savings account is accessible at all times, and the fact that you can cash out almost anywhere makes your life much easier.<\/li>\n<li><strong>Safety is Guaranteed<\/strong>. As long as your bank is regulated and under the wings of Perbadanan Insurans Deposit Malaysia (PIDM), your savings are protected and insured without any charges for up to RM100,000 per account.<\/li>\n<li><strong>Earn Interest Every Month<\/strong>. Although the interest rates on savings accounts are generally very low, you still earn some amount of interest over time. As opposed to insecurely saving money at home with zero interest, this is a far better alternative.<\/li>\n<\/ul>\n<p>Opening a savings account is without a doubt beneficial. For more information about some of the best savings accounts in Malaysia, check out our <a href=\"\/savings-account\">savings account comparison table<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning to cut down on your expenditure and want to find a place to keep your stash of cash? Opening a savings account may be the answer. Many of us are familiar with savings accounts but still don\u2019t know much about the nature and features of such accounts. Below, we provide an overview of savings&#8230; <a class=\"view-article\" href=\"https:\/\/www.imoney.my\/articles\/savings-account-in-malaysia-the-basics\">View Article<\/a><\/p>\n","protected":false},"author":1,"featured_media":2792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-2437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-account"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Savings Accounts in Malaysia \u2013 the Basics<\/title>\n<meta name=\"description\" content=\"Despite its simplicity, many people don&#039;t know what a savings account is. This post highlights some of the benefits of a savings account.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/savings-account-in-malaysia-the-basics\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savings Accounts in Malaysia \u2013 the Basics\" \/>\n<meta property=\"og:description\" content=\"Despite its simplicity, many people don&#039;t know what a savings account is. 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